Recently the news that Millennials were actually smart savers was seen as a sign of hope that the generation might be ok, despite recession setbacks—but that is now being called into question. A recent study says that consumers under 35 are spending more than they have and are “the only age group that has a negative savings rate” thanks to stagnant wages and their student debt demands. The lack of upwards mobility is not helping them. Millennials “are waiting for those above them to either retire or die…But the baby boomers are not going to give it up that easily.” (Money CNN)
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